Editors Note: Many businesses in the Building & Construction Industry do not know this Act exists to assist them to recover monies owed to them. If you know someone in the Building & Construction Industry, please pass on this News Feed. Five minutes spent reading this information may just save them thousands of dollars.
Are you having difficulty receiving payment for work carried out in the Building and Construction Industry or for related goods and services?
The Building & Construction Industry Payments Act 2004 was created to provide an alternative to the court system and is a quick and cost-effective solution to resolving payment disputes.
Security of Payments legislation applies to both Construction Work and the supply of Related Goods and Services.
Chippie, Architect, Quantity Surveyor, Sparkie, Brickie, Carpet Supplier or Steel Supplier – you are all covered by this Act.
There is a very specific process and set of timeframes that must be met in order to make the Act a relevant recovery mechanism. It starts with ensuring you supply an invoice that meets the following minimum standards:
- State clearly the GST Inclusive Amount of the claim
- State clearly that the claim is made under the Security of Payments Act. On every invoice you issue you should write, “This is a payment Claim under the Building and Construction Industry Payments Act 2004”.
- State clearly the work you are claiming for. Be detailed about the work completed and how you arrived at the claim amount.
- Be proactive with your paperwork. No matter how pressed you are for time, always keep your variations sheets, timesheets, and other relevant documentation that relate the works, goods or services you are claiming payment for up to date and signed off by the client where required. Create the habit of keeping a Site Diary.
The Retriever are experienced in using the Building & Construction Industry Payments Act 2004 to recover monies owed to businesses in the Building & Construction Industry. Contact us for a no-obligation initial consultation to see if you have a claim worth pursuing.
Build your business with confidence.